EXHIBIT 10.37.2
Personal & Confidential
July 17, 2000
Mr. Jim Bursey
c/o JetForm Corporation
560 Rochester Street
Ottawa, Ontario K1S 5K2
Dear Jim:
Further to the Employment Agreement and Employment Agreement Addendum dated
February 8th, 2000, this letter confirms the mutual understanding by both
parties that the end date of the agreement has been amended to July 31st, 2000
for all purposes from the original outlined end date of October 31st, 2000. As
such, this letter serves to outline the agreed terms of the Employment Agreement
based upon execution in accordance with Article 3.1 (d).
Salary Continuance
As stipulated in your Employment Agreement, JetForm will provide salary
continuance for the period of eighteen (18) months commencing on August 1st,
2000 up to and including January 31st, 2002. The salary continuance will be paid
in thirty (36) equal payments of $12,500, less statutory deductions, for the
payroll deposits of the 15th and 30th of each month.
The salary continuance for the period August 1st, 2000 up to and including
January 31st, 2002 has been determined according to the following: o Base salary
for the period August 1st, 2000 up to including January 31st, 2002 in the amount
of $375,000 o Qualitative Incentive Guarantee paid in the amount of $75,000
Benefit Continuance
You will be provided with continuation of your medical, dental and life
insurance benefits until January 31st, 2002, or until otherwise employed
full-time and eligible for benefits
Vacation Accrual
You will be provided with a lump sum payment of your unused annual vacation
accrued up until your end date of July 31st, 2000 on the pay period of August
15th, 2000.
Outplacement Services
JetForm will provide payment to a third party outplacement service of up to
$15,000, provided that Human Resources pre-approves the expense, we will
consider payment for services and networking opportunities which are directly
related to securing future employment. Any approved expenses would be processed
though the JetForm expense reporting process (paper copies of expense reports
would be provided for this purpose).
Expenses
Any outstanding expenses should be submitted by August 15th, 2000.
JetForm Stock Option Plan
As outlined in your Employment Agreement, article 3.1(d) all granted stock
options will continue to vest during the period of notice, and you will be
eligible to exercise options up to 31 days after the end period of January 31st,
2002.
JetForm Property
As discussed, you will be provided with the book value for both your current
laptop and PC by the end of this week. Should you wish to purchase this
equipment, a cheque should be made payable to JetForm Corporation.
Confidentiality Agreement
We remind you of the confidentiality agreement that you signed on joining the
company.
Your Signature is Required
In order to provide you with the termination package as outlined in this letter,
we will require your signature, acknowledging your understanding and agreement
of the terms and a signed release in the form attached, and return to JetForm by
July 17th, 2000.
Please sign this copy and fax both this letter and release to myself directly.
If you should have any questions with respect to this letter, please do not
hesitate to let me know.
Jim, thank you on behalf of JetForm for your contributions.
Yours truly,
Donna Morris
Vice-President, Human Resources
I agree and accept to the terms of this letter.
Employee: Dated:
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RELEASE AND DISCHARGE
FROM: James Bursey
TO: JetForm Corporation
DATE: July 17, 2000
In consideration of the following paid to me:
1. compensation equivalent to payment for eighteen (18) months,
equivalent to $450,000 less statutory deductions;
2. payment of outstanding vacation balance, less statutory deductions;
3. payment for outplacement services up to a limit of $15,000;
I hereby release and forever discharge JetForm and its directors, officers,
employees and agents of and from all manner of actions, causes of action, suits,
debts, duties, accounts, contracts, claims and demands whatsoever which I now
have, ever had or hereafter can, shall or may have for or by reason of any
cause, matter or thing whatsoever existing to the present time and arising from
my employment with JetForm or from the termination of such employment,
including, without limiting the generality of the foregoing all claims and
demands for or with respect to salary, remuneration, commission, advances on
commission, fringe benefits, vacation pay, severance allowance, termination pay,
severance pay, notice of termination, deferred profit sharing plan, employee
stock option plan, bonus or any other employment benefit or fringe benefit of
any kind whatsoever. The above-mentioned Consideration is inclusive of any and
all obligations which JetForm has or might have in the future pursuant to the
provisions of any legislation or rule of law pertaining to employment standards
or other obligations of JetForm on my termination as an employee. I further
agree not to make any claims (including without limitation any cross-claim,
counter-claim, third party action or application) against any other person
and/or entity which might claim contribution or indemnity against the persons
and/or entities discharged by this release. The above-mentioned Consideration is
inclusive of indemnity from the persons and/or entities discharged by this
release.
James Bursey
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Signature
